In neoclassical growth theory, technological progress is the key to continuous growth in labor productivity
Indicate whether the statement is true or false
TRUE
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
Division of iron ore between the production of bridge girders and tanker drums is an example of
a. a distribution problem. b. production planning. c. input-output analysis. d. both output selection and distribution
Expansionary fiscal policy actions
A) Result in an increase in national debt. B) Lead to growth in aggregate demand resulting from lower interest rates. C) Can be inflationary if the economy is in the Keynesian range of aggregate supply curve. D) None of the above.
A monopoly is an industry with
A. a single firm in which the entry of new firms is blocked. B. a small number of firms each large enough to impact the market price of its output. C. many firms each able to differentiate their product. D. many firms each too small to impact the market price of its output.